Swiss bank introduces negative rate for large deposits

One of the largest Swiss banks in February 2017 introduced a fee for storage of deposits which include those more than 1 million Swiss francs; the deposit rate will be minus 1%.

"I understand that these measures will not be very popular among our customers. Nobody likes to pay fees ... However, as a bank, owned by the Swiss mail and, consequently, the Swiss Confederation, we are not bound by the approach of the classical shareholder value. Therefore, we always allow our customers to share the success with us. This has enabled us to offer them attractive interest rates and fees over the years. We are also hurt by the fact that it is no longer possible to the same extent due to the negative interest rates, the prohibition of credit and expenditures for more stringent regulatory requirements," the CEO of the bank Hansruedi Köng, the CEO of PostFinance, commented on the decision.